- Tropical Storm Nate - Oct 2017
- Mexico: Earthquakes - Sep 2017
- Tropical Cyclone Franklin - Aug 2017
- Hurricane Earl - Aug 2016
- Central America: Floods and Landslides - Jun 2016
- Latin America: Storm Surge - May 2015
- Mexico/Guatemala: Earthquake - Jul 2014
- Central America: Drought - 2014-2017
- Mexico: Tropical Storms Ingrid and Manuel - Sep 2013
- Central America: Dengue Outbreak - 2013-2014
Every year natural and man-made catastrophes cause a distressing loss of lives and considerable economic costs around the world. Both industrialised and developing countries are affected. Surprisingly, both are also materially underinsured.
This financing gap is borne largely by the public sector, and may create long-term fiscal instability at a time when government budgets are stretched. Furthermore rating agencies are starting to take a closer look at such contingent liabilities faced by public administrations.
Mexico has been hit by no less than seven major catastrophes since 1985. In 2005 Hurricane Wilma caused total economic damages of over USD 22 billion ‒ more than USD 8 billion of which were uninsured. Small wonder that the federal government has been an innovator in disaster risk management.
FONDEN ´excess of loss´ reinsurance structure
Declared natural disaster (eg flood, hurricane, earthquake)
17 January 2012, Zurich
Much of the world is still vastly underinsured against earthquake risk, study finds - Underinsurance often due to low risk awareness in earthquake-prone areas - Earthquake models should consider secondary-loss factors more comprehensively
Swiss Re's latest sigma study reports man-made and natural catastrophes claimed more than 33 000 lives worldwide in 2001. At USD 34.4 billion, the burden on property insurance due to catastrophe losses was extremely high - with an estimated USD 19 billion incurred by property and business interruption losses arising from the 11 September event. Furthermore, the insurance industry is having to cover liability and life insurance losses related to the attack which are estimated between USD 16.5 and 39 billion.